How Expensive is Owning a Home on the Outer Banks?
Posted by Red Sky Realty Group on Tuesday, March 24th, 2009 at 8:37pm.The question " how expensive is owning a home on the Outer Banks?" is often asked. Many potential Outer Banks home owners are interested in what exactly goes into upkeep on a home on the Outer Banks. The answer to this question will definitely vary.
The reason the answer will vary, partly will depend on your home's location. Oceanfront homes definitely require more maintenance than homes located on the westside. A good rule of thumb is that a home owner who is planning on using their home as a vacation rental should look to reinvest 20% of the gross rent. While many consider that a large percent, the long term rewards make it worthwhile.
If you own an oceanfront home, be aware that almost everything is going to rust. Also, it is going to rust much faster than you would ever think possible. If you plan on something metal lasting 10 years on the oceanfront, you will often be lucky if it lasts 5. While there may indeed be a larger amount of reinvestment that has to happen with an oceanfront home, the rents are often higher helping to offset the increased need for upkeep.
If your home is a vacation rental, you will definitely need to look into replacing things yearly. When renting out your home, things are going to need to be replaced, some as often as every year or every other year. This is a necessity and all Outer Banks home owners must take this into consideration. Items as small as silverware and as large as heat pumps do break and will eventually require replacement.
With the Outer Banks stretching across multiple counties, the dollar amount of taxes will vary. Taxes traditionally have not been nearly as high as coastal communities in neighboring states. This reason alone can make the Outer Banks an attractive place to invest.
Finally, prices in the Outer Banks have fallen in the last 20 months. The question "how expensive is owning a home on the Outer Banks?" is definitely in a state of change. Now, we can say that owning a home on the Outer Banks is not as expensive as it once was.
We call this beautiful area here home and are fortunate to spend our lives here. All of us are happy to answer any questions you may have from the quality of life to what is life in the Outer Banks like?
Our specialty is real estate and specifically we focus on Outer Banks vacation and investment homes. We cover every town of the Outer Banks, and are here to help you at anytime. Start your search for an Outer Banks home today.
| Carova | Colington | Duck | Kill Devil Hills | Manteo | Ocracoke |
| Corolla | Currituck | Hatteras
Island | Kitty Hawk | Nags Head | Southern Shores |
Print
ShareBe the first to comment on this blog entry!